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1. While a market is in equilibrium, what
happens to equilibrium price and quantity if
there is a change in income that causes a
shift of the market demand curve to the right
up?
A) The equilibrium price increases but the
equilibrium quantity decreases
B) Both the equilibrium price and equilibrium
quantity increases
C) The equilibrium price decreases but the
equilibrium quantity increases
D) The equilibrium price and equilibrium
quantity do not change
E) Both the equilibrium price and equilibrium
quantity decreases